Some more...Have raised over $11.8M in financings, much @ $1.60/share. They used this to build infastructure.
Have increasing customer base, current rev probably between 2-3 million, but big possibilities for 10x that with little increase in cost.
Have become focussed, selling Toronto operations to conserve capital and go after Vancouver market.
Like all telecoms, large capital required up front, which was easy to obtain in 2000, but almost impossible now. Novus needs money to expand further and maintain operations. Good news for Novus is that unlike 360 networks, etc., they actually completed a good portion of network and have revenue coming in prior to running out of working capital.
I like the deal at first look. Financial statements are likely not great at the moment. I also like how Mercury isolated current shareholders from the claim against Novus, should it turn out to have some merit. I think this deal will look great soon, an extreme bargain at $0.13.